September 2016

According to new reports, home values in Las Vegas are rising faster than the national average, although not quite as rapidly as home values in other top markets like Portland, Dallas, and Miami. Even still, the median home value around the Las Vegas area reached $206,800 in August, which is up 7.8% compared to this time last year.

Nationally, home values are also up year-over-year, but only at about a 5.1% gain, which brings the median to $188,100.

It wasn’t that long ago that the median home value in Las Vegas was just $146,400, which dates back to May 2013 when it seemed the market was finally starting to recover from the devastated housing crash that swept the nation. In fact, from May 2012 to May 2013, the median value skyrocketed by roughly

Prior to the housing crash, you might remember rumblings about a new 300-acre housing community called Reverence coming to Summerlin, which of course never happened thanks to one of the worst recessions we’ve ever seen.

With the struggles of the crash now long behind us, reports are now surfacing about Reverence being resurrected by Pulte Homes, a national home builder that acquired half of the building site all the way back in 2006, and the other half earlier this year for a substantial discount.

As first reported by the Las Vegas Review-Journal, there certainly seems to be at least some activity relating to the project, although details as of now have been hard to come by.

Earliest this month, the Las Vegas Review-Journal was quick to point out that the Las Vegas area has a lower number of vacant homes than it did this time a year ago, although we’re still seeing more empty houses in our market than the national average.

According to a report done by Attom Data Solutions, which is the parent company of the more widely-known firm RealtyTrac, just 2.1% of houses in Las Vegas are vacant, which equals out to be around 13,896 homes. Compared to this time last year, that total is down by roughly 17%, which is just a glimpse into how far the Las Vegas real estate market has come since the days of the nationwide housing crash.

As noted by Attom, there are currently about 1.36 million homes that are vacant, which is about